Tanmeyah Microfinance Egypt Gets EGP420 Loan from EGB

Tanmeyah Micro Enterprise Services has obtained EGP420 million total funds from Egyptian Gulf Bank (EGB) and it is currently relending for the clients of micro projects, Amr Abouesh, Executive Chairman revealed.

In a statements to Amwal Al Ghad, Abouesh explained that Tanmeyah is negotiating with one of the banks in order to get a loan worth EGP200 million, rejecting to unveil the bank’s name until the negotiations will be finalised.

The current total value of credits of Tanmeyah’s funds  estimated at EGP325 million, targeting to boost it to EGP400 million by the end of the ongoing year through pumping new funds worth EGP600 million within 2014,  Abouesh said.

The maximum micro-finance clients in accordance with the company’s rules valued at EGP30.000, Tanmeyah considers increasing it during the upcoming phase to record EGP100.000 in order to allure major number of clients, EGB owns 17% from Tanmeyah.

In the last period, Tanmeyah studied launching mortgage finance program so as to attract new categories from  clients along with making the best use of Central Bank of Egypt’s initiative that has recently launched.